Committee of creditors under operational debt composition allocates voting rights proportionately and mirrors financial creditor committee powers. Where a corporate debtor has no financial debt, or all financial creditors are related parties, the committee of creditors is constituted from the eighteen largest unrelated operational creditors by value, or all such creditors if fewer than eighteen, together with one representative each for workmen and employees not otherwise included. Voting rights are proportional to the debt due or represented, and total debt includes the debts of operational creditors, workmen and employees. The committee and its members have the same rights, powers, duties and obligations as a committee comprising financial creditors.
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Provisions expressly mentioned in the judgment/order text.
Committee of creditors under operational debt composition allocates voting rights proportionately and mirrors financial creditor committee powers.
Where a corporate debtor has no financial debt, or all financial creditors are related parties, the committee of creditors is constituted from the eighteen largest unrelated operational creditors by value, or all such creditors if fewer than eighteen, together with one representative each for workmen and employees not otherwise included. Voting rights are proportional to the debt due or represented, and total debt includes the debts of operational creditors, workmen and employees. The committee and its members have the same rights, powers, duties and obligations as a committee comprising financial creditors.
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